Fed Chair Nominee Warsh Discloses Crypto, over $100mn Assets Ahead of Confirmation

Richest Fed governor

The 14 Apr filing with the Office of Government Ethics clears one procedural obstacle toward a confirmation hearing by the Senate Banking Committee, scheduled for 21 Apr. If he is confirmed, Warsh would be the wealthiest Fed chair, eclipsing the $75mn disclosed by Powell in 2025. He will divest major holdings to comply with ethics rules if confirmed.

Warsh, 55, previously served as a member of the Fed's Board of Governors between 2006 and 2011, and his nomination signals a significant shift in the administration's fractious relationship with the central bank. Trump has lobbed blistering criticisms of Powell, whose term expires in May, over the world’s most influential central bank’s interest rate policy.

Traditional assets exposure

The former Wall Street dealmaker and academic revealed a portfolio that is largely concentrated in traditional and private equity assets, including two holdings of at least $50mn each in private equity fund Juggernaut Fund LP. He also has substantial investments in private holding company THSDFS LLC, holding roughly two dozen private investments, some of which reach up to $5mn.

Warsh also owns undeveloped land in Suffolk County, New York, valued at between $5mn and $25mn. The 69-page filing, which covered more than 1,000 assets, revealed earnings of $10mn in consulting fees from billionaire Stanley Druckenmiller’s Duquesne Family Office. 

Smaller allocations in crypto, AI

His sprawling investments in crypto and AI are much smaller, and many lacked a specific value or were within the lowest reportable ranges. These included positions in infrastructure and ETFs, including Solana, Bitwise Asset Management and Ether development platform Tenderly.

Also disclosed are investments in emerging platforms like Polymarket, Flashnet and Dapper Labs. Most of these investments are held in funds with an aggregate value of $500,000 to $1mn. 

Pro-crypto stance 

Trump-appointed US government officials have come under the scanner over their investments in digital and other emerging assets, which present a potential conflict of interest given the White House’s drive for pro-innovation, deregulatory policies aimed at making America the "crypto capital of the world." The Trump family is invested in a number of digital asset ventures and has been criticized for being major beneficiaries of the crypto-friendly approach. 

In the filing, Warsh pledged to divest major assets, stating, "I will divest this asset if confirmed" regarding holdings in Juggernaut Fund LP and THSDFS LLC within 90 days if confirmed. He also committed to step down from independent director 
positions at UPS, Coupang, and various advisory roles to meet ethics requirements. 

Safeguards on undue influence

Agency ethics officials concluded that based on these divestiture commitments, Warsh will be in compliance with applicable laws and regulations. Fed senior officials, including board members and regional presidents, are subject to some of the government's strictest investment and trading prohibitions. Officials are generally restricted to diversified investment vehicles to ensure their personal wealth does not influence specific policy decisions.

Fed chairman Powell's tenure is due to end in May 2026.